FIRST TRADE: Nifty, Sensex hit new highs; ICICI Bank, Bajaj Finserv among top Nifty50 gainers

Stock market today: The Indian share market on Wednesday (June 26) was muted with financials in focus after their recent rally and on relatively attractive valuations. At the last count, Sensex was up 0.05 per cent or 39.3 points at 78,092.55 and Nifty rose 0.04 per cent or 10.15 points at 23,731.45. Nifty hit an all-time during the morning session. Soon after, Sensex also scaled a fresh peak at 78,188.16.

"A constant refrain during the last few months from many experienced investment experts has been that financials, particularly large cap private banks, offer value buying opportunities. The expected breakout in some of these blue-chips has happened during the last several days. These stocks are likely to remain resilient since their FY25 Q1 numbers will be very good," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. V K Vijayakumar added slight pressure on margins due to slow deposit growth and higher costs of deposits are unlikely to impact the bottom line significantly. From the valuation perspective, PSU banks now provide buying opportunities.

As per him, Q1 results of financials, oil, and gas, capital goods, automobiles, select pharma and telecom will be good. FMCG and IT will post subdued numbers as expected. There are green shoots in IT and, therefore, it presents a contra buying opportunity for long-term investors.

In the broader market, Nifty Midcap 100 traded in the negative territory, meanwhile, Smallcap 100 traded in green. High-beta Nifty Bank was flat with a negative bias at 52,567.15.

BUZZING STOCKS

Bharat Dynamics shares were up over 2 per cent after orders worth Rs 20,000 crore in the pipeline for the next 2-3 years.

Time Technoplast shares were up nearly 3 per cent after the company got an order of Rs 55 crore from IOC.

Vishnu Prakash R Punglia's shares were up over 7 per cent after the company received an order worth Rs 273 crore from UP Jal Nigam. 

Conversely, C.E. Info Systems shares were down over 3 per cent after reports about block deals.

Mazagon Dock Shipbuilders' shares were down over 4 per cent after the company was listed under Navratna company.

Catch all the updates of the June 26 session on Dalal Street here. For all other news related to business, politics, tech, and auto, visit Zeebiz.com.

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